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Consumers Credit Union doesn’t charge origination fees on its loans.
Consumers Credit Union; Insider
The bottom line: Consumers Credit Union Auto Loan is a great option for borrowers who want in-person support and a wide range of loan amounts. However, if you want a loan to buy out your lease, you’ll have to look elsewhere.
Pros and cons of Consumers Credit Union auto loans
Pros
Competitive rates. While Consumers Credit Union doesn’t list its maximum rate, its minimum rate is comparable with other lenders in the auto loan market. Allows cosigners. If you’re struggling to qualify for a loan on your own or you get a high rate, you may consider enlisting a cosigner. Doing so can boost your chances of qualifying for a loan and improve your rate, provided they have a good credit history. No origination fees. Some lenders charge origination fees, which are taken out of your overall loan amount and increase the cost of your loan. You won’t pay one with Consumers Credit Union. New, used, and refinancing available. For many borrowers, this will suit your desired loan purpose. If you need a lease buyout, there are other lenders that are a fit.Wide loan amount range. The credit union doesn’t define specific loan minimums and maximums, and instead bases your financing on other factors. These include your credit score, the loan type, and the loan-to-value ratio of your vehicle. In-person branches. Consumers Credit Union has 16 branch locations in the Chicago area and a partner network of banks nationwide. This is good if you live in the region and value in-person support.
Cons
Need to be a member to get a loan. You may apply for a loan without being a member, but to get a loan you’ll need to be one. To join the credit union, you’ll need to pay a one-time $5 membership fee to the Consumers Cooperative Association. Lease buyouts unavailable. If you want to buy out your current lease, you won’t be able to do so with the lender. Late fees. Consumers Credit Union will charge you a $29 late fee if you fall behind on your payments. You have a 10-day grace period before you are charged a fee.
Who is Consumers Credit Union best for?
Consumers Credit Union is best for borrowers with excellent credit who qualify for the credit union’s lowest rate or for borrowers who need a cosigner on their loan. If you’re unsure the amount of money you’ll need, the credit union is also a great option as it has no defined minimum or maximum loan amount.
Borrowers will also avoid an origination fee, though they will fork over a late fee if they fall more than 10 days behind on their payments.
How Consumers Credit Union auto loans compare
All three lenders have comparable rates and require membership to get a loan. You can become a member of PenFed by opening a savings account with a $5 minimum deposit. Borrowers who pay a one-time $5 membership fee to the Consumers Cooperative Association qualify for membership with Consumers Credit Union. The only eligible borrowers for Navy Federal are active military members or veterans, as well as employees or retirees of the Department of Defense. Family members of any of the aforementioned groups also qualify.
See our ratings methodology for auto loans »
Frequently asked questions
Is Consumers Credit Union trustworthy?
Consumers Credit Union is a Better Business Bureau-accredited business that has an A+ grade. The BBB is a nonprofit organization focused on consumer protection and trust. It grades companies by looking at their response to customer complaints, truthfulness in advertisements, and transparency about business practices.
A great BBB grade doesn’t guarantee you’ll have a good relationship with the credit union, so talk to others who have used it to get more information.
The company hasn’t been involved in any recent controversies. Between its top-notch BBB grade and clean history, you may feel comfortable borrowing from Consumers Credit Union.
How long does Consumers Credit Union take to approve a loan?
Consumers Credit Union may offer preapproval within 20 minutes for its loans. It will also usually fund auto loans within 48 hours.
Does a credit union car loan help your credit score?
If you make reliable, on-time payments, you may improve your credit score with an auto loan from a credit union. Consumers Credit Union will report your payments (or lack thereof) to the three major credit bureaus.
What credit score do you need to refinance your car with a credit union?
Consumers Credit Union doesn’t have a minimum credit score required for its auto loans. Instead, it considers each applicant on a case-by-case basis.